If you’re in crypto you’ve definitely had your fair share of exchanges and QR codes! The question is, is there a ‘best’ crypto exchange out there? The answer is yes and no… It really depends what you need the exchange for:
Tokens (i.e. Ethereum & Bitcoin- native blockchains)
If you’re looking to buy mainstream coins then Binance is maybe the most common platform- running a daily revenue stream of 3.48m USD at number 1, they are most popular for their slick advanced and basic chart visualisations… more importantly it’s large coin selection and low trading fees of 0.1%!
As altcoins are at many times the riskier end of investment, they don’t always make it to larger exchanges or make it at all… sometimes your riskier investment from an ICO may lead you to some shabby looking exchanges that make you feel like you might get robbed… and not so funny, you can!
If you’re a beginner it is important to get into larger exchanges such as Bittrex and Binance to start with… there’s a lot of desktop research that you can use to get you up to speed about the platform- but most importantly, make sure your 2fa is activated before depositing ANY COINS!!! Once you get into crypto, you’re highly exposed when you start getting involved in social media and communities within Telegram. So the most important thing we’ll discuss today is how to protect yourself from the scammers before getting into the world of crypto: How to protect yourself from fraud in the crypto space
- You and only you are responsible for your security. Exchanges and online wallets are not banks.
- When you open an account with a bank or exchange, they create an account for you in their system.
- The bank keeps track of your personal information, account passwords, balances, transactions, and ultimately your money.
- The bank charge fees to manage your account and provide services, like refunding transactions if your card is stolen.
- The bank allows you to write a check or charge your debit card to send money, go online to check your balance, reset your password, and acquire a new debit card if you lose it.
- You have an account with the bank or exchange and they decide how much money you can send, where you can send it, and how long to hold onto a suspicious deposit. All for a fee.
- Wallets such as MyEtherWallet are just an interface.
- When you create an account on MyEtherWallet you are generating a cryptographic set of numbers, your private key and your public key (address).
- The handling of your keys happens entirely on your computer, inside your browser.We never transmit, receive, or store your private key, password, or other account information.
- We do not charge a transaction fee.
- You are simply using our interface to interact directly with the blockchain.
- If you send your public key (address) to someone, they can send you ETH or tokens.
- If you send your private key to someone, they now have full control of your account.
- You, and only you, are responsible for your security.
- Be diligent to keep your private key and password safe. Your private key is sometimes called your mnemonic phrase, keystore file, UTC file, JSON file, or wallet file.
- If you lose your private key or password, no-one can recover it.If you enter your private key on a phishing website, you will have all your funds taken.
- If you don’t like the sound of using private keys, consider using platforms such as Coinbase. They have more familiar accounts with usernames & passwords.
- Use two factor authentication (AKA 2fa).
- Bookmark your crypto sites.
- Buy a hardware wallet such as Trezor or Ledger Nano! These keep your keys secure.
HOW TO PROTECT YOURSELF FROM PHISHERS
- Phishers send you a message with a link to a website that looks just like the site you’re intending to visit, except it is fraudulent. They steal your personal information, and then steal your money.
- Install EAL or MetaMask or Cryptonite by Metacert or the MyEtherWallet Chrome extension to block malicious websites.
- Always check the URL is the correct one and is not live on another similar URL.
- Do not trust messages or links sent to you randomly via email, Slack, Reddit, Twitter, etc.
- Always navigate directly to a site before you enter information. Do not enter information after clicking a link from a message or email.
- Install an AdBlocker and do not click ads on your search engine (e.g. Google).
HOW TO PROTECT YOURSELF FROM SCAMS
- People will try to get you to give them money in return for nothing.
- If it is too good to be true, it probably is.
- Research before sending money to a person or project. Look for information on a variety of websites and forums. Be wary.
- Ask questions when you don’t understand something or it doesn’t seem right.
- Don’t let fear, FUD, or FOMO win over common sense. If something is very urgent, ask yourself “Why?” – It may be to create FOMO or to prevent you from doing research.
- For token sales, do not trust any address except the one posted on the official site.
- Don’t ever run remote-access software (e.g. TeamViewer)If you have accidentally visited or typed a malicious site, clean out your recent history and autocomplete.
HOW TO PROTECT YOURSELF FROM LOSS
- If you lose your private key or password, it is gone forever. Don’t lose it.
- Make a backup of your private key and password. Do NOT just store it on your computer. Print it out on a piece of paper or save it to a USB drive.
- Store this paper or USB drive in a different physical location. A backup is not useful if it is destroyed by a fire or flood along with your laptop.
- Do not store your private key in Dropbox, Google Drive, or other cloud storage. If that account is compromised, your funds will be stolen.
- If you have more than one week’s worth of cryptocurrency pay, get a hardware wallet.
That’s the short version, for more information, do your own research.
To end it all of, Now Sourcing created a great infographic that show the Best Crypto Exchanges Of 2018: